Mount Gay, West Virginia Property Taxes
The median property tax rate in Mount Gay, WV is 0.75%, slightly higher than the state median of 0.72% but still below the national median of 0.99%. With a median home value of $37,150 in Mount Gay, the typical annual property tax bill amounts to $287, significantly lower than the national median of $2,690. Property taxes in Mount Gay are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Mount Gay's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mount Gay or another part of Logan County, getting a grasp on the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Gay, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$279
-$2,920
Ownwell’s Mount Gay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Gay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Gay to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mount Gay, West Virginia
Property taxes in Mount Gay, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Gay is 0.75%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Mount Gay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Gay estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Mount Gay's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25637 zip code has the highest median property tax rate of 0.75%, while the 25637 zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Mount Gay provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Gay Tax Rate
0.75%
Average Logan County Tax Rate
0.75%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Gay, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25637 | 0.64% | 0.75% | 0.75% | 0.94% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Mount Gay, West Virginia
In Mount Gay, West Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Logan County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Mount Gay, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Mount Gay is $37,150, with tax bills ranging from $221 at the 25th percentile to $453 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 25637, with a median tax bill of $287. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Mount Gay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mount Gay Assessed Value
$37,150
Average Logan County Assessed Value
$40,900
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Gay, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25637 | $22,080 | $24,300 | $37,150 | $45,625 | $52,180 |
Source: Ownwell
Property Tax Bills Across Mount Gay, West Virginia
In Mount Gay, Logan County, WV, property tax bills are calculated based on the assessed value of the property. The median home price in this area is $37,150. Property taxes are determined by multiplying the assessed value by the local tax rate. For Logan County, the tax rate is relatively low compared to the national median property tax rate of 0.99%. The tax bill varies significantly across different percentiles. For instance, homeowners at the 25th percentile pay around $221, while those at the 75th percentile face a tax bill of approximately $344. At the 90th percentile, the tax bill can reach up to $453. The highest and lowest median tax bills in Logan County are both reported at $287, specifically in the zip code 25637. These property tax bills impact homeowners by contributing to their annual housing costs. Lower tax rates can make homeownership more affordable, while higher rates might pose a financial challenge. Understanding these factors helps homeowners anticipate their yearly expenses and manage their budgets effectively.
Average Mount Gay Tax Bill
$287
Average Logan County Tax Bill
$306
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Gay, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25637 | $175 | $221 | $287 | $344 | $453 |
Source: Ownwell